Mark-to-Market (M2M) Process. Office of Affordable Housing Preservation (OAHP)

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1 Mark-to-Market (M2M) Process Office of Affordable Housing Preservation (OAHP)

2 Goals of the M2M Program Social: Preservation of the Affordable Housing Stock Maintenance of Housing Quality Standards New 30-Year Use Agreement Economic: Reduce Rents to Market (Congressional Mandate) Restructured Debt (Ensure financial integrity) Immediate & Long Term Physical Needs Addressed Administrative: PAE Partnerships, including Public-Entity PAEs Managerial Integrity of the Properties Align Owner Incentives with HUD Interests

3 Why Mark-to-Market

4 An Owner has: A Section 8 Housing Contract AND An FHA-Insured Loan AND Rents Are or Were Above Market OR the Property is on the Watch List OR the Owner has Previously Completed an M2M Lite OR Once Eligible, always Eligible

5 What M2M Does

6 Owner Incentive Package Capital Recovery Payment (CRP) Owner contribution towards closing and rehab costs repaid with interest (350BP over like-term Treasuries) over 7-10 years Incentive Performance Fee (IPF) Payment to Owners equal to 3% of Effective Gross Income Cash Flow Split - Owner shares up to 25% of surplus cash flow

7 Owner Incentives Competitive financial return to Owners tied to property performance First mortgage reduced to level serviceable by Market Rents Physical property conditions are addressed (including properties with REAC scores <60, in some cases), and Reserves are funded HUD finances 80% of Rehab & Transaction Costs and

8 Owner Incentives (cont d) Minimal Owner Investment for Significant Additions (HUD finances up to 97%) Neighborhood Networks Major Capital Items Previously Non-Existent Owner Participates throughout Restructuring Process Property s Marketability Improves Unique Advantages for Qualified Non-Profits

9 Additional Benefits for Early Entry Future Section 8 Rents ( Out Year ) Can Be Retained for Property Use and Applied toward: Lowering Debt Building Reserves Many Owners have come in early and completed Restructuring Free Look at Restructured Scenario New 20-Year HAP Contract versus Uncertainty

10 Mark to Market Process

11 Potential M2M Outcomes Lite Rents marked-to-market without debt restructuring Tier 1 (Rents Only) and Tier 2 (Rents and Expenses) Full Rents marked-to-market and debt restructured Operating expenses and reserves are underwritten

12 Assumption/Subordination Approval for M2M Notes Post-M2M TPAs and Refinancing transactions post-m2m trigger the due on sale clause, or require HUD waiver Waiver policy is in draft Policy has three objectives Ensure property will be viable under proposed transaction Protect value of HUD s subordinate notes / cash flow HUD shares in equity value created / cash-out

13 M2M Process: Steps 1-2 Full Restructure Process: STEP 1 Approximately 120 days prior to HAP Contract expiration, Owner, PBCA or HUD Field Office determines rents above market Owner must elect to enter M2M Interim HAP at contract rents during M2M processing Out-year Expirations can request restructure at any time. Bond Deals should be reviewed as early as possible STEP 2 HUB/Program Center refers property to OAHP Headquarters OAHP assigns to a Participating Administrative Entity (PAE)

14 M2M Process: Step 3 STEP 3 PAE develops Draft Restructuring Plan PAE orders third party Rent Comparability Study; Owner receives copy PAE orders third party Physical Condition Assessment and Environmental Screen; Owner receives copy In consultation with Owner, tenants, local government, and HUD Field Office, the PAE determines market rents, rehab needs, operating expenses, as well as replacement reserves, new supportable debt, and estimated transaction costs.

15 M2M Process: Step 4 STEP 4 PAE submits Restructuring Plan to OAHP for review and approval Underwriting review and corrections Review by Portfolio Director (all) Portfolio Office Loan Committee Approval (some) Headquarters Loan Committee Approval (few)

16 M2M Process: Steps 5-6 STEP 5 Owner signs the Restructuring Commitment (Owner has 2 levels of appeal rights) STEP 6 Transaction is closed or processing is discontinued

17 M2M Process: Step 7-8 STEP 7 OAHP transfers responsibility back to the HUD Multifamily Field Office Deal Transition Memos Calls with Project Managers Regarding Deal Points Closing Dockets Sent STEP 8 Owner completes rehab work, generally required within 12 months of closing Rehab Escrow established at Closing OAHP oversight of Rehabilitation

18 Rehabilitation versus Reserves: What Goes Where Rehab Broken or otherwise non-working building components or systems New systems or equipment (significant additions like AC or Elevators) Lead-Based Paint hazard abatement or controls Reserve for Replacement Normal wear and tear items At or approaching end of Estimated Useful Life Schedule of repairs (for out-years) intended as guide, rather than rule Additional Funds (Grants and Tax Credits) are beyond scope of M2M rehab

19 M2M Process: Step 9 STEP 9 Post Closing Responsibilities Operate Project in accordance with M2M terms Submit Annual Financial Statements Receive appropriate CRP and IPF, if earned Calculate Surplus cash, apply payments to M2M notes Continue to meet all standard multifamily/section 8 requirements

20 Program Results

21 M2M Update (thru Jan 07) Over 2,800 Deals Completed 1,575 Full Debt Restructures closed Over 650 OMHAR-Lites completed Over 600 Other transactions completed Over 225,000 Units Preserved! Active Pipeline of Over 250 Properties Over $2 Billion in Net Savings to Taxpayers

22 Office of Affordable Housing Preservation (OAHP) Reference Material: OAHP Operating Procedures Guide (available at Appendix C Qualified Non-Profit Owners Appendix D TPAs Appendix R Additional Funds OAHP Headquarters: General Information: Technical Information: Questions: resourcedesk@omhar.com

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